Evening Star Newspaper, June 11, 1930, Page 11

FINANCIAL MORTGAGE FIRM DECLARES DIVIDEND First Disbursement Since 1927 Is Ordered—Sav- ings Bank Elects. BY EDWARD C. STONE. James P. Schick, president of the National Mortgage & Investment Cor- poration, 1004 Vermont avenue north- west, announced today that the board of directors had drclared a dividend of 2 per cent on ts outstanding preferred payable Ju stockholders of rec- ord June 20. This is the first dividend declared by this company since July, 1927. Owing to the ! greatly depressed real estate market the corporation was _required to take in many prop- erties on which it held mortgages, which action caused it to become in a dition and made ductive. i Mr. Schick became the vice president of the corporation in April, 1928, and on January 1. 1929, was made president. Upon his entrance into the manage- ment he devoted himself particularly to the releasing of its capital from its frozen condition and to the improve- ment of the condition of the mortgages held by it. He organized a real estate depart- ment which has proved most success- ful in the selling of property owned by it as well as in the renting and / gollection of rents on its income-pro- ducing properties. Although the cor- poration etill owns & large amount of Teal estate, much progress has been made in the selling oti properties which eame into its possession. Among ‘other problems solved by this ration was the operation of the Capital Garage. The corporation held & second mortgage on this property under which it was required to take title by foreclosure in June, 1928. Sub- gequently it acquired from the receivers of the owners the business and since that time have operated the garage. This venture has proved entirely suc- cessful and satisfactory from the stand- point of profit, and the business is now regarded as one of the notable suc- +gesses of downtown Washington. That the general condition of the eorporation is much improved is indi- cated by the declaring of the dividend, which action also seems to indicate im- provement in the local real estate sit- uation. National Mortgage & Investment pre- ferred stock is widely held in Wash- ington. It is listed on the Washington Stock Exchange, where it sold yesterday in two 100-share blocks at 47a. Savings Bank Elects Officers. At the regular monthly meeting of the board of trustees of the East Wash- ington Savings Bank held yesterday the | following officers were elected to serve for the ensuing year: John C. Yost, president; S. H. Walker, first vice president; Lewis Flemer, sec- ond vice president; S. Wilson Earnshaw, . gecretary-treasurer, and Walter H. filrkvw, jr., attorney. Eight in A. L. B. Delegation. Eight delegates from Washington Chapter, American Institute of Banking, headed by the new president, Frank M. Pearley, will leave Washington Friday evening bound for the national conven- tion at Denver. They will go by special train with other delegates from nearby cities. Those who will take the trip are T. Hunton Leith, Security Savings & Commercial Bank, who is on the A. 1. B. national council; Rose L. Royce, Wash- ington Loan & Trust Co.. secretary of the local A. I. B. chapter; Aubrey O. Dooley, Federal-American National Bank, first vice president of the chapter; ‘William P. Keith, American Security & * 7Trust Co.: J. E. McGeary, W. B. Hibbs & Co.. H. T. Bisselle, Riggs National Bank, and Willard Barker, Morris Plan Bank. The local delegates hope to obtain their share of committee appointments and any other honors that may be float- ing about. Mr. Leith has two more years to serve on the natlonal council so that last years excitement over his election and the contest that accom- panied it will not be repeated at Denver. Dividends and Other Notes. Southern Dairies, Inc., has declared the regular quarterly dividend of 371t cents on the class A stock, payable July 1 to stock of record June 20 Orpheum Circuit, Inc., has declared the regular quarterly dividend of $2 on the preferred, payable July 1 to stock of record June 20. 7 “The Merchants & Miners Transpor- tation Co. has declared regular quarter- 1y dividend of 6215 cents, payable June 30 to stock of record June 16 Western Union Telegraph Co. has de- elared regular quarterly dividend of $32. payable July 15 to stock of record June 25. Following the meeting of di- Tectors, Newcomb Carlton, president, stated that business and earnings are improving. Local Bonds In Good Demand. The Washington Stock Market opened today with & $16,000 sale in Washing- ton Gas 5s at 102'; followed by the three $500 sales in the same issue at the same price. Gas 6s, series A, were also in demand at 102, while a $100 series B bond sold at 102':. Capital Traction 5s were also in de- mend. The market opened with two $1,000 sales at 93, $1,00 at 93, $3,000 at 93'¢ and $500 at 93Y,. Trading then turned to Washington Gas Bs, $3,000 selling at 105. i Capital Traction stock sold at 66%4 and closed at 65%. Potomac Electric | Power 6 per cent preferred came out at 110%; and the 5% per cent preferred | moved at 107. East Washington Sav-| ings Bank sold at 25, Mergenthaler, ex | dividend, at 100, and Peoples Drug ex | dividend at 106'4. Ten shares of Park Savings Bank changed hands at 72. Richmond Bonds Awarded. The State Planters Bank & Trust Co. of Richmond, Va., was awarded $2.035000 4'- per cent Richmond | bonds, due 1940 to 1964, on bid of 103.87. Proceeds are to be used for | school, street paving, sewer, water works, gas works and general improve- | James P. Schick. badly “frozen” con- its capital nonpro- 3 Railroad _ reports | for the quarter ended March 31, 1930, net income after charges of $11,449, 666, compared with $12496.656 in the corresponding quarter of 1929. Gross was $142,061,595, compared Wwith $156.- 740,033; net after taxes $20,229.088, against $29,129,404, and total income 255,090,802, contrasted with $37,798. 74 4 The District of Columbia Bankers’ Association luncheon group had their first meeting under the new admini- | stration at the Willard today, Lanier | P. McLachlen presiding. There was an unusually large turnout of members. ‘The new h&reaxdem expects 10 sturt ‘work on standing committee ap- pointments at an early date. Dispatches announce that negotiations sre under way for a merger of the Van Camp Packing Co. of Indianapo- * 1is and the Jewel Tea Co. of Barring- ton, Ill, Details are not completed. G. Bowle Chipmar of this city is a mem- ber of ann Camp board of directors. Eifot 'H. Thomson of the Washing- ton Loan & Trust Co. told Baltimore bankers of the brilliant success at- tained by Washington hanks in_con- Rection with the co-operative Christ- mas savings campaign. He also stressed the value of bank advertising exceptionally interesting Notice—All stocks THE EVENI NG STAR, WASHINGTON, NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. ‘e sold in one hundred-share lots excepting those designated by the letter s (65s) (285s) which shows those stocks to be sold in odd lots only. i —Frev.1930 ~ High. 42% 66 37T 32 2314 e in an 103% & 62 Stoek and jos— Low. Dividend Rate. Add 00. High. 22 Abitibl Pwr & Paper » 45 Abraham Straus; 231 Adams Exp (1.60) 23 Adams Millis (2). 111 Advance Rumley.... 22 Advance Rumley pf. 14 Ahumada Lead. 118 Alr Reduction (3). 21 Alr Way T1 Ap(2%). 1% Ajax Rubber..... 5% Alaska Juneau.. 814 Albany Wrap Paper. 2214 Allegheny Corp..... 89% Alleg Cp x $30 w 6% 4 Alleg Cp w $40 w 535 Alleg Steel(2.30).... 255% Allied Ch & Dyet 49% Allis-Chalme: 215 Amal Leather. Amerada Corp (2) 2. Am Agricul Chof... Am Bank Note (13). 44's Am Brake Shoe(2.40) 118 Am Br Sh & F pf (). 8% Am Brown Bov Elec. 60'2 Am Brcwn B E pf(7) 117% AmCan (4)......00n 52 Am Car & Fdy (6)... 95% Am Car & Fdy pfi7). 51 Am ChainCo i3).... 36% Am Chicle (12%)... 12'3 Am Comm Alcohol 35 Am European Secur 65 Am & Forn Powe 95 Am&Forn Pwr 2d pf. 19% Am Hawalian S8 (2) 22% Am Hide & Lea pf... 56% Am Home Prod(4.20) 34 AmIce (t4)... 35% Am Internatl (2) 2 Am La Fr & Foamite 5414 Am Locomotive (4).. 102 Am Locomot pf (7). 210 Am Mach & Fdy (7). 3814 Am Metal (3).. 65 Am Nat G: Am Pwr & Lt (31).. 80 Am P&Lt pf A 5t(5). 26's Am Ra&Std San 1%. 20'a Am Republics. ..... 624 Am Rolling Mill(n2) 59 Am Safety Razor(5). 1834 AmSm & Ref pf (7).. 8 Am Solv & Chem 24% Am Sol&Ch ev pf(3). 40 Am Steel Fdy (3) 110% Am Steel Fdy pf (1). 46l Am Stores (2)... 60 Am Sugar Ref (5)... 104 Am Sugar Ref pf (1) 12%4 Am Sumatra Tob.... 216 Am Tel & Teleg (9). 197 Am Tobacco (8). 197 Am Tobacco B (8). 120 Am Tobacco pf ( 8815 Am Water Wks (n1) 913 Am Wat W 1st pf(6) 71 Am Woolen.. . 19% Am Woolen p % AmZinc Ld & S 56 Am Zinc ptf (6) 52t Anaconda Cop (7). 33's Anaconda W&C (3).. 35 Anchor Cap (3.40)... 2214 Archer-Dan-M (3) 744 Armour of Del pt(7). 5% Armour of Il (A)... 2% Armour of 11l (B). 55 Armour of 111 pf (7). 6% Arnold Constable. 33% Ass0 Appl Ind (4)... 28 As50 Dry G (33)... 85 Asso DG istpf (6).. 215% Atch To& S Fe (10). 102% Atch To & SF pf (5). 161% Atl Coast Line (110). 59% AtlGulf& W Ind(1). 46t Atl Refining (12).... 76% Atlas Powder (4) 101 Atlas Powder pf 26% Atlas Stores (nl). 135 Auburn Auto (j4). 6 Austin Nichols. . 26 Austin Nich pr A (3) 414 Autosales. .. . 37 Auto-Strop Saf R(3) 4% Aviation Corp of Del 23% Baldwin Loco (1%). 208% Balto & Ohio (7).... 63 Bang & Aroos (3%). 16% Barker Bros (2) . 2015 Barnsdall, A (3 97 Bayuk Cgr 1at pf 67% Beatrice Cream (4).. 56 Beech-Nut Pkg (3).. 4 Belding-Hemingway 327 Bendix Aviation (3). 31% Best&Co (2).. 90 Bethlenem Steel (6). 122% Bethlehem Stl pf (7) 34% Blaw-Knox (1%)... 4313 Bohn Al & Brass (3). 6015 Borden Co (k3). .. 382% Borg Warner (3) 13 Briggs Mfg Co.. 1% British Empire Steel Brockway Motor Trk Brockway Mot pt(7). Bklyn-Manhat Brooklyn & Queens. . Bklyn Union Gas (§) Brown Shoe (3). 13% Bruns-Balk-Col. 144 Bruns Ter & Ry 2214 Bucyrus (1). 33% Bucyrus ev p! 9% Budd (EG) (1). 8i% Budd Wheel (1). 77 Buff & Susque cifs 29% Bullard Co (1.60). 264 Bulova Wateh 13)... 97% Burns Bros (A) (8). Burns Bros (B). Burr Add Mch (1)... Bush Termnl (2%).. 100% Bush Term deb (7).. 214 Butte Cop & Z (50¢). 2% Butte Superior 161 Butterick Co. 70 Byers (A M).. 65% Calif Packing (4)... 1 Callaahan Zine & Ld. 50% Calumet & Ariz (2).. 16% Calumet&Hec(al). 19 Campbell Wyant (2) 57% Canada Dry G A (5). 187% Canadian Pacific(10) 4814 Can Pacific(new)w.1. 3% Cannon Mills (1.60). 192% Case (J 1) (6). 115 Case (J I) pf (7) . 54 Caterpillar Trac 133 8 Cavanaugh-Dobbs. . 69 Cavanagh-D pf(6%) 20 Celotex (3) . 60 Celotex pf 2315 Cent Aguir - 3% Century Rib Mills. .. 51 Cent Rib Mills pt (7) 0% Cerro de Pasco (6).. 834 Certain-teed Prod. .. 30% Checker Cab (4.20).. 2011 Ches & Ohio (10).... 62% Ches & Ohlo Corp (3) 4% Chi& Alton.....c.ee. 5% Chi & Alton pf...... 36 Chi & Eastern Ill pf. 11% Chi Great Western. . 34 ChiGreat Westn pf. 16% Chi Mil StP & Pac... 27 Chi Mil StP & Pac pf 76 Chicago & N W (5).. 136% Chi & N W Bt (1), P N T e 2x3 = - roanZlileRarnivaaraa % ChiRI&Pac(7).., % Chi Yellow Cab (3) .. 20 Chickasah Cotton Ol 53 Chiids Co 12.40).. 16° 30 Chrysler Corp (3) 39% City Ice&F (k3.60).. 208 13 00 . Jisle o il al-P (2%). 3 14% Collins & Atkman... 15 13 Colonial Beacon Col Fuel & iron (3). 4 Colo & South (3).... 69 Col Gax & KI «2) . 83 104% Col Gas & Eipt At6) 1 20% Colum Graph (a28c). 294 128% Columbian Carb (16) 45 23% Comm Credit 12) ... 63 76% Com Credit 1st (6%) 50s 22% Comm Cred pf (1%).200s 22 Comm Cred pt B 12).140s 354 Comm Inv Trig! 2 50% Com Inv T ev pf 25 Comm Solvents (31) 201 12% Comwlth & Sout60c) 264 5 103 1 Congress Ci 39'% Consol Clg; 15'% Consol Film ¢2) 18 Consol Film pf 2 96% Conso! Gas N 650 124% 99% Consol Gas NY pt(§) 103% 49 ConRRCubpf(6)ews 7 60 Low. Close. 30 52 135% 138% 23 23% 1 11 bw 5 105 10% 22 22% 891 4l 29 9714 20 20 384 38w 38% 394 106% 105% 3 3 3! 03 9% 69% 60w ~Prev.1930— Stock and e. Dividend Container(B) Contl Baking (A) Contl Baking (B) Contl Baking pf (8).. Contl Can (23)..... Contl Diamond (2). . Contl Insur (3.40) Contl Motor: Contl O1i of Del. Contl Shares (1). Corn Prod (13% ) Corn Prod pf (7). Coty, Inc... Cream of Whi(12i). Crex Carpet. Crosley Radio Crown Cork & Seal. . Cructble Steel (kb). . Cructble Steel pf (1) Cuba Cane Products.. Cuba Co. Cuban-A Cuban Dom Sugar Curuis Publisn pf( Curtiss Wright Corp 243 Curt Wright Corp A. 25 Cutler-Hammer(3%) 14 Davison Chemical... 26 Delaware & Hud (9). Del Lack & Wn (17). Denver & R G W pf.. Detroit Kdison (8).. Diamond Match (8) Dome Mings (1)... Dom Stores (31.20 Drug Corporatn ( Dunhill intl (34) i Duques Lt 18t pf (6) 2 Durham Hos pf(6). . 3408 Eastman Kodak (18) 148 aton Axle &8 (3).. 17 Eitington-Schild pf.. 3 Kleo Auto Lite (6).. 39 Electric Boat. Pwr & Lt (1 | Pwr & Lt pf ( Ik Horn Coal pf. merson Brant (A). smerson-Brant (B), 1ng Pub Serv (2.40). Erie R R 18t pf (4).. Eureka Carp Cl (4).. Evans Auto Ldg3%. 18 Exchange But (1%). 20s Fairbanks Co pt Firestone TRRpI(6) 4 First Nat Strs (3%). 77 Flsk Rubber........ 13 Fisk Rubber 1st pt. . 180s Fisk Rub 1st pf cv.. 808 Follansbee Bros (3). 1 wh ). 227 Fourth Natl In’ Fox Film (A) (4 Freeport. Tex (15).. Fuller pr pf(17.94).. bt Fuller 2d pf(17.40).. 30s Gardner Motor. Am Investo! Am Tnk Car( Asphalt (4) Baking pf ( Bronze (3). Cable...... Gen Cable (A) (4) Gen Clgar (4). Gen Electric (1.60). Gen Eiec spec (§0¢). Gen Food Corp (2).. Gen Gas&EL A(e30). Gen G&El eV pf(6).. GenG & EIpt A (7). G Gen Motors pf (1) t Out Adv (3 PublicSve (b6).. Gen Ry Signal (5) Gen Realty & Util. Gen RIty&Ut pf (e6). Gen Refractor(14%) Gen Steel Cast pf (6) % Gen Theat Equip vte Gillette Saf Ras(n6) Gimbel Bros. Gimbel Bros pi Glidden Co (2) Gobel (Adolf).veeee Gold Dust (2%) Goodrich (B F) (4) Goodrich (BF) pf (1) Goodyear Tire (§)... Goodyear 18t pf (7). Gotham Silk Hoslery Gotham pf xw (7) Graham-Paige rct Granby Copper (8). Grand Silver 8 (m1). Grand Unilon. Granite City 8 Grant (W T) (1).. Grt North pf (5). Grt North pf et (5 Gr Nor ctfs Ore (a% . Grt West Sug(1.40). Grigsby Grunow.... Gult Mobile & North Gulf Mo & N pf (6).. Gulf States Steel (4) Hackensack W (1% ) 100s Hackensk pf A(1%). 40s Hahn Dept Stor 28 Hall (W F) Pr Ce Hanna pf (new) (7). Har Wkr Ref (1334). Hartman (B) (1.3¢). Hayes Body........ Helme (G W) pf (7). Hershey Choe (5) Hershey Choe pf(16) Hoe (R) &Co0.0vve.n Holland Fur (et2%). Hollander Sons..... Houdaille-H (B)1.20, Household Fin pf(4). Houston 011 (b10%) . Howe Sound (14%).. Hud&Man Ry (3.50. Hudson Motor (5). Hupp Motor Car (31. i1linots Central (1)..~ 1linois Cent 1s In(4) Independ Vil & G(2). 508 Indus Ray (b5 % stk) Ingersoli-Rand (16). Inland Steel (4) Inspiration Cop Insurance Sh Interiake iron (1). Intl Agricultural intl Agricul pf (7 Intl Bus Mach (n6).. Intl Carriers, Ltd %. Intl Cement (4).. Intl Combustion. Intl Comb Eng pf.... Intl Harvester (3%). Intl Harvester pf(7). Intl Hydro El A (e3) Intl Mateh pf (4).... Intl Mer Marine (1). Intl Nickl of Can(1).1246 Int] Pap & P (A)2.40. 1 intl Pap & Pwr (C) Int] Rwys Cent Am Int] Salt (8) intl Stlver ( Intl Sliver pf «7 I Island Creek Coal(4) Jewel Tea (14)....00 Johns-Manville (3).. 249 Jones & Laugh pf(7) 130s Motor Car... 13 Kendall Co pt(t (Continued on Page 12.) 2074 345, 957 42 284 27% D. C, WEDNESDAY, JUNE 11, 1930. STOCK PRICES SAG |z et FOLLOWING RALLY Some Issues Break Below Yesterday’s Levels in Bear Attack. BY CLAUDE A. JAGGER, Associated Press Pinancial Editor. NEW YORK, June 11—The stock market, having just struggled to its feet, was sent reeling again by the impact of another wave of selling today, but man- aged to pull itself together and make substantial recovery by early afternoon. Important shares tumbled about 4 to 10 points before short covering began to_cushion the decline. Trading was in comparatively light volume, but the violence of yesterday's late upturn was in itself enough to bring out liquidation being held up for better levels, and this attracted fresh bear attacks. There was no inclination to support the market until the selling had run its course. The weekly steel trade reviews said that the trend of production is still downward, but reported somewhat bet- ter stability in prices. Wall Street is now giving closer at- tention to developments in Washington than usual. The tariff bill has become a chief topic of board room conversa- tion, and there is a general feeling that any decisive action on the bill, finally disposing of it, would be a bullish de- velopment. Corporate News contained several dividend reductions or omissions by smaller companies, including Celotex, which passed the quarterly payment. These developments affected sentiment adversely, and bearish rumors, many of them branded as ridiculous in re- spongible quarters, were widely cir- culated. One of the more favorable items Wwas an announcement by Western Union management that telegraph busi- ness had improved markedly during the current quarter. s«vleul m’zflr'slenl idssues tumbled to new lows. mbert dropped 9 points and Bethlehem Steel 6, both to ne\solDZU minimums. Shares losing 4 to 6 points before the rally included such issues as United States Steel, Radio, General Electric, American Can, Standard Gas, Electric Power & Light, Western Union, Public Service of New Jersey, United Aircraft and Colorado Fuel. Air Reduc- tion, Johns Manville, Houston Oil, East- man Kodak and Allied Chemical lost about 7 to 10. Case tumbled more than 17 points, and Auburn more than 13 to a new low BANK CLEARINGS: NEW YORK, June 11 (Special).— New York bank clearings, today, $1,- 431,000,000; a year ago, $1,280,000,000. New York bank balances, today, $189,000,000; & year ago, $156,000,000. New York Federal Reserve credit balances, today, $176,000,000; & year ago, $134,000,000. TREASURY CERTIFICATES. (Keporied by J. & W. Sel o RateoRintandy 9 & W Seliegan & o 5, 19 100 9-32 l! 1 15, 1930 100 14- §ian Mo 00 1832 . 18, 1 3las Bept. 15, 100 3128 Dec. 15, 19 1 DIVIDENDS DECLARED NEW YORK, June 11 (P).— Regular. Pe- Company. Rate. riod. able. Aetna Cas ‘& Bur...40c Q July Aeina Life ‘T .30 100 100 100 PR A 31200 Do pi . o ST Beech” Creek Bronx Cty Trust. . 40c Cup Ad Ltd 6% pi..15¢ Cleveland Trust ... 3 Davot' Hos Mills Do ot Glens Fails In Tntercol - Coal Do ‘B Mend, Jobi etropoll Tee bl Mid U 7% bt A Do'7 8% Bt fo Mk, Jd, Voen pi Stand Gas & EI. P S T 7% D Trans & Wm Steel..35c 1 1 1 1 1 0 1 1 1 1 1 1 1 1 5 1 2 3 1 1 1 7 7 5 1 1 1 1 1 5 2 1 5 POOOEODOLOOOOODEL0OO0OLOLO0DOLOD » Extra, A...80c Diversified Inv — M 2B — Metropol Ice bf Petrol Rovaities. .. Initial. Blue Rib Cp Ltd...80c @ July Reduced. Adamello Gen Elec. 14lire ....... ....... Con Diam Fiver....50c @ Jine30 Jjune 30 Omitted. Durh Dup Raz pf..$1 Biid st Srd R soe § in_cash_or stock June 25 June 15 Due June 1 Due July 1 Seogrer Real Estate Loans Lowest interest and commission. Large and small loans negotiated. Also money for sound 2nd Trusts Moore & Hill, Inc. (Since 1900) 730 17th Street N.W. Earn 614,% On Guaranty First Mortgages A safe, conservative investment is by far the better selection. Guar- anty First Mortgages are placed on improved Washington real estate and are further secured by our resources of IN DENOMINATIONS AS LOW 'AS $250 Stop in, or Send for Booklet, “The Success Plan” May Be Purchased om Monthly Payments REALESTATE MORTGAGE & GUARANTY| CoRPORATION Capital Resources Over $3,800,000 24 JACKSON PLACE NEW SECURITIES YORK, Juné 11 () —New se- Central Power & Light Co, $5,500,000 5 per cent bonds priced at 95 by syndi- cate headed by E. H. Rollins & Sons. | City of Richmond, Va., $2,035,000 4'; per cent bonds priced to yield 4.20 per | cent, by First National Old Colony Corporation and syndicate. City of Worcester, Mass., $1.000.000 | tax anticipation notes by Salomon Bros. | & Hutzler. CHARACTER OF STEEL DEMAND SHOWS CHANGE Underlying conditions in those lines | comprising the great bulk of steel con- | sumption have been undergoing l! gradual change during the more recent past. That is, those lines which re-| quired the major portion of finished steel | during the closing months of 1929 and | the first quarter of the present year are now yielding considerable ground, and | the industry is becoming more and more | dependent, for stabilized operations, on | increased requirements from fresh | sources, according to a current survey | by the Standard Statistics Co. of New | York, which follows in part: | “The raflroads in 1929 (in:luding the equipment makers) accounted for some 17 per cent of aggregate demand, and | were surpassed only by the automotive | industry in the volume of steel taken, This year rails will undoubtedly head | the list of consumers. “Railroad equipment orders have dropped sharply since the high levels of January and February, and although work on the books is sufficient to neces- sitate a relatively steady flow of steel for a number of months, little impetus for s higher rate of activity for this type of demand can be seen. “Among the other lines responsible for a good amount of demand during the early months of the year (although | consuming a smaller aggregate of steel products), agricultural implement, mak- ers are reported to be curtailing opera- tions, the machinery and machine tool trade _has shown considerable decline, | and the tin plate industry is seasonally | lower. Together, these three influences | account, roughly, for some 12 per cent | to 15 per cent of total yearly require- | ments. | *“It is doubtful that steel requirements from the construction fleld will fully | equal those of a year ago during the early future. “Dominating the less favorable side of the picture so far this year, and to a larger extent the whole outlook for steel, is the prospect of a decided re- duction in the output of automobiles during 1930. “One of the most encouraging trends currently dominant in the industry is the increasing backlog of orders shown by the steel pipe mills.” F T Arthur P. Smith has resigned 8s | executive vice president of the Harri- man National Bank & Trust Co. of | New York to become chairman of the board of International Bank Stocks Cor- | poration, an investment trust. | G TE COM| Wil GREATEST SECORITY ANNUITIES Cash Refund—Joint—Deferred Send for Information LEROY GOFF INSURANCE—ALL BRANCHES 036 Woodward BId, Nat. 0340 REAL ESTATE LOANS Made at Low Interest Rates RUTHERFORD on higl o8 rties. 0 desired. National 0475 First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. Specializing in Mortgages on Investment Properties JAMES Y. PENNEBAKER Nat.5291 1520 K St. N.W. e Commerecial National Bank Savings Deposits Bear Interest on Daily ces from Day of Deposit to Day of Withdrawal. Com- pare this method with usual method of computa- Call and let us ex- Other Departments are equipped to serve you in all ing and fiduciary matters. The Bank of Personal Service Resources Over $20,000,000 WADE B. COOPER. Prestdent / g A—11 FINANCIAL. tanding and the book liabilities, other BOOK VALUE FIGURED s proprictary. for which claims have 10t been 0’ |, amoun 4. ), hy OF 29 CLOSED BANKS ‘ e Tecoris showing that the division of The 20 North Carclina State banks| Lduidation has collected 34,138,392 72 which failed durlng the two vears and | hand of 6813701, 4 eight months from May 1, 1927, to De- ' 4 » cember 31, 1929, with total book value et of $10,952,183 available for creditors to PARIS BOURSE PRICES. realize on, had been 46 per cent liqui- dated at the end of that period, the PARIS, June 11 (#).—A heavy tone prevailed on the Bourse today. records of C. I. Talor. liquidating agent the Nort rolin rporation e | Three per cent rentes, 87 francs 50 The amount distributed to creditors, | centimes. Five per cent loan, 103 francs. largely depositors, from the assets of | Exchange on London, 123 francs 73!z these 29 banks amounted to $3728,953 | centimes. The dollar was quoted at 25 during the 32 months, while claims out- | francs 471 centimes. Equitable Co-operative Bldg. Ass'n Organized 1879 JOHN JOY EDSON, President 5,723,083.61 50th YEAR COMPLETED WALTER S. PRATT, Jr, Secretary Surplus & Profits......$1,755,911.57 Subscription for the 99th Issue of Stock Being Received Systematic Investing! 7 Small, Regular, Constant investing will bring you nearer your goal than larger sums haphazardly saved. 915 F St. N.W. Oosnibipené Standard American Trust Shares Gives the individual full participation in the profits of twenty-five corporations representing a carefully selected cross- section of American business. The stocks of these companies are among the most actively traded issues listed on the New York Stock Exchange. We recommend these shares at the market, about 10. Complete description upon request. STEIN BRrRoOS. & BOYCE Established 1853 Woodward Building . . . Washington, D. C. Main Office, Bal ore, Md. SAFPE FIRST MORTGAGES ONE OF THE STANDARD INVESTMENTS Certain types of investment are looked upon with highest favor because of the entire ab- sence of the speculative ele- ment. Our 6% FIRST MORTGAGES are in this class. The inter- est is definitely fixed; and the principal strongly secured. May be purchased in amounts irom $250 up. Over a Third of a Century Without a Loss o A National 2100 SAUL CO. 925 15th St. N.W. OPPORTUNITY Members NEW YORK AND BALTIMORE STOCK EXCHANGES Associate Member NEW YORK CURB EXCHANGE Mackub 1508 H STREET WASHINGTON, D. C. ESENT money rates ot world cen- ters are the lowest in many years —the Paris rate of 2%% being the low- est since 1898. We believe this condition cannot long continue without a stimulating ef- fect on bonds and fixed income bear ing securities. A list of bonds and stocks which we believe to be attractive at present prices will be sent on request. in, Goodrich & Co. ESTABLISHED 1899 BANKERS REDWOOD & SOUTH STS. BALTIMORE, MD.